Condominium Buyer Tips and Information
Many condominiums have common
mechanical and structural elements that are the
responsibility of the association you will be a member of
after you buy your unit.
These common elements can not
be inspected by your home inspector as they are not part
of the unit you are buying. They are referred to as common or limited
The maintenance, repairs and
replacements of these common elements will be the
responsibility of the association and paid for with your
association dues or special assessments.
Every well run condominium association
maintains a current reserve study. This study is usually performed by
architects and engineers and will cover all of the
mechanical and structural common elements. This study
states the age and condition of these components and what
type of maintenance, repair or replacement they will need
during at least the next five years. The cost of any required
future work during this period will also be
stated. This study should be updated at least every 5 years.
You should review the most
recent reserve study; then compare it
against the most recent Association budget.
The budget will list the reserve funds for future projects
and should have adequate funds to cover everything listed
in the reserve study. If not, you may be required to pay a
special assessment to cover maintenance, repair or
For additional information,
contact: The Association of Condominium, townhouse and
homeowners Associations at 312-987-1906
You are also entitled to copies of the
minutes from the last six months of Board meetings. These minutes may
have information about major expenses the Board is considering in the
future that have not yet been voted on.
important question to ask
when buying a condominium is:
Has there has
ever been a special assessment levied? If the answer is yes,
make sure this was a very special situation and not one
that should have been addressed by the association in it's normal course of duty, otherwise you may be getting into an
association that does not have a sound financial plan.
sure there are adequate reserve funds to fund all significant issues noted in the reserve
If there aren't you may have a special assessment in your future
to fund future projects.
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